Regulation and Codes of Conduct of Banco de Portugal

Banco de Portugal performs clear public interest functions in its capacity as a Eurosystem monetary authority and national supervisory authority.

The importance and nature of the Bank's activities require those working for it to follow high standards of professional ethics.

The Regulation of the Ethics Committee and of the General Duties of Conduct of the Employees of Banco de Portugal and the Codes of Conduct of Banco de Portugal establish rules and guidance on professional ethics for all those working for the Bank, including the Board of Directors and the Audit Board. They are also a reference for the public and institutions on conduct standards applying to those working for the Bank, including the members of the Bank's corporate bodies.

The Regulation of the Ethics Committee and of the General Duties of Conduct of the Employees of Banco de Portugal is a set of labour requirements taking the form of rules binding those working for the Bank.

The ethical regime in force in Banco de Portugal is in line with that of the European System of Central Banks (ESCB), the Eurosystem and the Single Supervisory Mechanism (SSM).

Policy on gifts

Banco de Portugal has an internal policy on gifts, pursuant to the ethical and conduct regulations in force.

Banco de Portugal’s staff, members of the Board of Directors and members of the Board of Auditors are prohibited from accepting, for themselves or any other person, any gifts, prizes, or other benefits or rewards connected in any way with the performance of their official duties, except in exceptional and duly substantiated cases. Where gifts do not fall under such exceptional cases, they shall be declined and returned to the party making that gift.

This policy on gifts is intended to safeguard the independence and impartiality of Banco de Portugal’s staff, members of the Board of Directors and members of the Board of Auditors in the course of their duties.